May 18, 2024
High Voltage Equipment Market

High Voltage Equipment Market to Witness Increased Demand owing to Advancements in Power Transmission Technology

The high voltage equipment market consists of switchgears, transformers, and cables that are used for power transmission and distribution. These components ensure efficient transmission of bulk power over long distances from generation plants to substations located closer to towns and cities. High voltage equipment operates in the range of 115 kV to 800 kV and above, helping reduce transmission losses. Switchgears are used for protection, control, and isolation in transmission networks. Transformers help increase or decrease transmission voltages for effective distribution. Cables incorporate high voltage insulation to carry bulk power underground or underwater. The growing reliance on renewable energy has increased investments in upgrading transmission infrastructure, propelling the demand for high voltage equipment.

The Global high voltage equipment market is estimated to be valued at US$ 132.96 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the high voltage equipment market are Polymedco Inc., Eiken Chemical Co. Ltd., Sysmex Corporation, Siemens Healthineers AG, Quidel Corporation, Novigenix SA, Hemosure Inc., Exact Sciences Corp., Epigenomics Inc., Olympus Corporation, and Clinical Genomics Technologies Pty Ltd., among others.

The introduction of smart grids and establishment of cross-border interconnectors present key opportunities in the market. Advanced digital technologies enable monitoring and control of HV equipment in real-time.

Advancements in gas insulated switchgear technology has enhanced compactness and enabled installation in confined urban areas. Adoption of high temperature low sag conductor cables has improved transmission capacity. Development of high capacity Gas Insulated Transmission lines can facilitate bulk power transfers over long distances.

Market drivers
Growing investments in capacity addition and grid upgradation projects driven by rising electricity demand and integration of renewable energy is a key driver for The High Voltage Equipment Market. Developing regions in Asia Pacific and Middle East & Africa are witnessing increased investments in transmission infrastructure to ensure reliable power supply.

Current challenges in High Voltage Equipment Market
The high voltage equipment market is facing challenges due to technical issues and complex manufacturing process involved in developing high voltage equipment. The continuous rise in demand for renewable sources of energy has increased the pressure on manufacturers to develop innovative and efficient high voltage equipment. However, standardizing equipment for varied applications and making them reliable during fluctuating weather conditions is complex. Moreover, stringent government regulations regarding safety, efficiency and emissions during manufacturing and operating high voltage equipment needs to be complied which increases costs. Ageing existing infrastructure also needs replacement or refurbishment which requires huge capital investments.

SWOT Analysis
Strength: Growing focus on strengthening and upgrading transmission and distribution infrastructure globally. Increasing investments in renewable energy sector which utilizes high voltage equipment.
Weakness: High costs associated with research and development, manufacturing and operating high voltage equipment. Safety issues during manufacturing and operating high voltage equipment.
Opportunity: rising demand for upgrading existing grids and expansion of transmission networks in developing nations. Growing focus on integrating renewable energy requires efficient high voltage equipment.
Threats: Stiff competition among existing players. Rising raw material prices can increase overall costs. Stringent regulations regarding emissions can increase compliance costs.

Geographical regions of high voltage equipment market in terms of value
North America region dominates the high voltage equipment market in terms of value owing to large investments in T&D infrastructure especially in United States. The region held around 30% value share of the global high voltage equipment market in 2024. Growing renewables sector and refurbishment of ageing grids is driving demand in the region.

Fastest growing region for high voltage equipment market
Asia Pacific region is expected to exhibit fastest growth in the high voltage equipment market during the forecast period of 2024 to 2030. Rapid industrialization and urbanization in developing nations such as China and India is driving massive investments in strengthening electric grids. Growing requirements for reliable power supply to support economic growth will catalyze opportunities in the Asia Pacific high voltage equipment market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it